| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 46th | Poor |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 14215 Cherry Ave, Flushing, NY, 11355, US |
| Region / Metro | Flushing |
| Year of Construction | 2011 |
| Units | 20 |
| Transaction Date | 2007-05-15 |
| Transaction Price | $1,350,000 |
| Buyer | RELMO 14215 HOLDINGS LP |
| Seller | GUY R. VITACCO JR ESQ |
14215 Cherry Ave, Flushing NY Multifamily Investment
Well-located in Flushing’s urban core with durable renter demand and amenity density supporting occupancy stability at the neighborhood level, according to WDSuite’s CRE market data. Newer construction for the area provides relative competitiveness versus older stock while keeping value-add options open.
Flushing’s urban core location delivers daily convenience and leasing durability. The neighborhood is rated A- and ranks 151st out of 889 metro neighborhoods — competitive among New York–Jersey City–White Plains submarkets. Dining, grocery, pharmacy, and café density track in the top national percentiles, reinforcing walk-to-amenity appeal that supports retention and everyday demand.
Multifamily fundamentals are solid at the neighborhood level: renter-occupied share is elevated (near the top of U.S. neighborhoods), and occupancy is steady and above the national median. Median contract rents are higher than many areas, while value-to-income ratios indicate a high-cost ownership market; together these factors tend to sustain reliance on rental housing and support pricing power, with lease management needed where rent-to-income ratios create affordability pressure.
Demographics are aggregated within a 3-mile radius. WDSuite’s data indicates household counts are projected to rise by 2028 even as average household size trends lower, which generally expands the renter pool and favors smaller-format units. Median and mean household incomes are also projected to grow, providing a larger tenant base for professionally managed multifamily.
Vintage matters: the property’s 2011 construction is newer than the neighborhood’s average year built (1984). That typically reduces near-term capital needs relative to older stock while still allowing targeted modernization to sharpen competitive positioning. This combination of location convenience, deep renter base, and newer vintage underpins the local investment case, aligning with prudent commercial real estate analysis for long-term holds.
Safety should be evaluated with metro context. WDSuite’s indicators place the neighborhood below national averages for safety, with violent and property offense measures less favorable than many U.S. neighborhoods. However, recent year-over-year trends show double-digit declines in both violent and property offense estimates, suggesting momentum toward improvement. Investors often pair this trend view with property-level controls and daytime activity patterns when underwriting.
Within the New York–Jersey City–White Plains metro (889 neighborhoods), the area’s crime ranking sits on the less favorable side of the spectrum, but recent reductions outpace many peers. As always, evaluate block-by-block conditions, management practices, and tenant mix to contextualize these macro indicators.
The location is commutable to key employment nodes that support a large renter base, notably airline, insurance, defense, and diversified corporate employers listed below. This concentration of jobs within roughly 6–8 miles can aid leasing velocity and retention for workforce-oriented units.
- JetBlue Airways — airline (6.2 miles) — HQ
- Prudential — insurance (6.3 miles)
- Lockheed Martin — defense & aerospace offices (7.8 miles)
- Loews — diversified holdings (7.9 miles) — HQ
- HRG Group — holding company (7.9 miles) — HQ
14215 Cherry Ave is a 20-unit, 2011-vintage asset in Flushing’s amenity-rich urban core. At the neighborhood level, occupancy is stable and renter concentration is high, while elevated ownership costs reinforce reliance on rental housing. According to WDSuite’s multifamily property research, newer vintage relative to the area’s older stock supports competitive positioning with manageable capital planning.
Within a 3-mile radius, household counts are projected to grow and average household size is trending lower, pointing to a larger tenant base and steady absorption for smaller-format units. Amenity density and proximity to diversified employers further support leasing durability, with affordability pressure (higher rent-to-income ratios) and safety perceptions as the key variables to underwrite.
- Newer 2011 construction versus older neighborhood stock reduces near-term capex and improves competitive standing.
- High renter-occupied share and above-median neighborhood occupancy support demand resilience and retention.
- Amenity-rich urban core with strong access to jobs aids lease-up velocity and long-term renter appeal.
- Demographic tailwinds within 3 miles (more households, smaller sizes) align with smaller-format unit demand.
- Risks: monitor rent-to-income affordability pressure and neighborhood safety trends; align operations and pricing accordingly.